Stockholder's Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Stockholder's Equity

Stockholder’s Equity

In October 2013, the Company completed its initial public offering (“IPO”) and issued 7,728,000 shares of its common stock at an IPO price of $10.00 per share. The Company received net proceeds from the IPO of approximately $68.3 million. On September 30, 2014, the Company issued the 2014 Convertible Notes, of which the Company received net proceeds of approximately $122.9 million. Refer to Note 7 for further information regarding the 2014 Convertible Notes.

On November 3, 2014, the Company filed a shelf registration statement on Form S-3 (the “2014 Registration Statement”) that permits the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $150.0 million of the Company’s common stock and sales of common stock by certain selling stockholders.

From November 10, 2014 through September 30, 2016, the Company issued and sold a total of 5,933,712 shares of common stock under its “at-the-market” sales agreements, of which 4,179,156 shares were issued and sold during the nine months ended September 30, 2016, and received net proceeds of approximately $146.6 million, of which $96.2 million were received during the nine months ended September 30, 2016, in each case, after deducting commissions at a rate of up to 3% of the gross sales price per share sold and other fees and expenses. Sales under the “at-the-market” sales agreements were made pursuant to the 2014 Registration Statement. As of September 30, 2016, no shares remain available for issuance under the “at-the-market” sales agreements or the 2014 Registration Statement.

On September 15, 2016, the Company filed an automatic shelf registration statement on Form S-3 (the “2016 Registration Statement”) that permits the offering, issuance and sale of an unlimited number of shares of common stock from time to time by the Company.

On September 15, 2016, the Company entered into an underwriting agreement with Cantor Fitzgerald & Co., relating to the registered public offering of 2,542,373 shares of the Company’s common stock at a price to the public of $29.50 per share. The Company received net proceeds of approximately $71.0 million, after deducting underwriting discounts, fees and expenses of $4.0 million. The offering was made pursuant to the 2016 Registration Statement.